The difference between pro forma and GAAP can be benign or deceptive, but the only way to know is to dive into the details. Whatever the amount or source of the difference between GAAP and pro forma, earnings (or EBITDA) it is not possible to judge the relative value of two companies without measuring them on level footing.

While the long-term outperformance of Value is ubiquitous, the relative outperformance of Value in a market downturn has yet to receive the attention it is due. We show the protective value of value in market hiccups.